ByteDance made a solid $7 billion despite all the TikTok drama
ByteDance, the Chinese company behind film app TikTok, has grown considerably last year, despite the legal battle with Donald Trump. The turnover has roughly doubled to about 37 billion dollars. The company would also generate an operating profit of approximately $ 7 billion.
TikTok is very popular. Recently researcher Apptopia reported that it would be the most downloaded app of 2020 worldwide. At least 850 million people put the app on their phone or tablet according to the numbers. The app has also been under heavy attack in the United States for months. Trump argued that TikTok stores too much data, which would reach the Chinese government via ByteDance.
The former president demanded that the American activities of TikTok be sold to an American party, otherwise the app in the US would have to go black. In September, Trump even agreed to a plan with Oracle and Walmart to move TikTok’s American Activities into a new company. But TikTok continued to oppose US government intervention, with success for the time being.
About the future of ByteDance there is little to say for sure. It is not yet clear how president Joe Biden’s new US administration thinks exactly about TikTok. According to the Information, the Chinese company was thinking about going public. It could possibly take place this year. But a decision has not yet been taken, according to the sources of the site.